alanmasters

Bitcoins volatility continues and its relation to the Altcoins

BITFINEX:BTCUSD   Bitcoin / Dolar
If there is one thing you keep on hearing from me is about Bitcoin             not being in "bull run mode" yet.

Yes, Bitcoin             has been going up for an entire month now, but we are still within a huge downtrend, and the Altcoins market, which is the most relevant to us (me and my supporters), continues in its long correction.

So what to expect next?

We will still keep on taking on a few trades as they come available, but we will keep the focus on short-term, why? Because we are in a bear market (Altcoins market - Bitcoin             is its own market), and this means that the overall trend is down.

These trades risk is higher as they can go sour pretty fast, so it is important to know that there are risks involved when trading cryptocurrencies. In fact, there are always risks involved when trading anything, no news here, but I think is good to receive a reminder from time to time.

When will the correction be over?

The market will decide.

Bitcoin             has been going up steadily and slowly, but there isn't much momentum and volume lately. Also, I have this feeling of uncertainty that is really big, and this tells me to be cautious and so I AM.

So we continue trading. Yes we can trade.
But we also remember that the risk is higher with the Altcoins market the way it is now... in the red.

Another detail about the relationship between Bitcoin             and the Altcoins market is the following: In the phase we are now, any sudden move made by Bitcoin             can crash the Alts.

If Bitcoin             shoots up strong, the Alts can start to crash until Bitcoin             stabilizes or show some signs of slowing down.

If Bitcoin             starts to crash to retest earlier support levels, the Alts will also suffer. So what to do in this situation?

We wait... Patiently. Because we know it is better for our pockets, as traders, because we surely know it is best.

So use that last line to remember, that you are A DIVINE             LIVING BEING... AND YOU DESERVE THE BEST!

Namaste.
Komen: The red dotted resistance line on the chart is the one that I got by using the logarithmic scale option.

Above you have the linear scale view but with both resistance lines drawn. This gives us a "wider" perspective.

I was waiting for Bitcoin to break above everything and reach the "moon" as everybody was saying but I wanted confirmation first. It turns out we are still in the same place we were a week ago.

I am a Bitcoin bull.
I love Bitcoin and all cryptocurrencies. They make me rich and help so many of us.

But right now we are still in this downtrend, and we are in it until we are out of it. That is what I believe.

So I will let Bitcoin do its thing. And I will be back to celebrate, once more, together, when we are KING.

Namaste.

P.S. I respect you for what you are...
I love you for what you are...
You are EVERYTHING!
That's what you are.
Know it because it is true.
Komen: Same chart with "log scale" on. We are on top of strong support right now. This is a "pressure point".

Chart:

Maybe we can do some acupuncture on Bitcoin to release the pressure... Just joking. :D
Komen: 2 Hours chart, with support levels:
Komen: Looks like we are going straight to the third support level on my chart above.

Here is the 1h chart:
Komen: Where do we go next?
Next stop should be around the low $10,000s, maybe in the $10,050 to $10,200 range.

Let's look at it now from the 4 hours chart perspective:
Komen: I will publish a new trade idea with the next strong support levels based on different tools.

Thanks again for your continued support.
It is highly appreciated.

Thanks for all the comments.
Thank you for everything, once again.

Namaste.
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Respect. Looked at your schedule, opened the shorts and everything is wonderful.
Balas
And a big thank you to you too :)
Balas
:)
Balas
atm 15min+1hr+2hr RSI are showing bullish divergences - we gonna have another push up. as you now it can't go constantly go down ;)
Balas
coinwide coinwide
@coinwide,

*know
Balas
my idea worked
+2 Balas
Hello Alan,
in general, is it wise to sell my lowcap alts for USDT or better to hodl? Probably way to late to sell but I see my lowcap alts are getting hurt the most. And they don’t recover like for instantie Neo and LTC. Greetings James
Balas
@matzuma, Yes, it is ok to sell. But it is better to hold USD rather than USDT. USDT is a time bomb and shouldn't be touched by anybody.
+1 Balas
Where do we go next?
Next stop should be around the low $10,000s, maybe in the $10,050 to $10,200 range.
To try to answer your question:
+2 Balas
"If Bitcoin -6.74% shoots up strong, the Alts can start to crash until Bitcoin -6.74% stabilizes or show some signs of slowing down.

If Bitcoin -6.74% starts to crash to retest earlier support levels, the Alts will also suffer. So what to do in this situation?"


I would go short on the alts....which I have already and in good profit. Nice analysis btw...
Balas
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